Is PMax a Waste for Lead Generation?

I've done some searching around this sub and I'm seeing folks say that PMax is better for e-commerce rather than Lead Generation. I started off late last year learning how to run search campaigns and those did okay but I wanted to really dig in to see if I can continue to improve our results, especially the quality. I connected with a Google Specialist Thursday who had me setup a PMax campaign and then a smaller search campaign. I know it hasn't been even a week and it needs to learn but I'm not seeing it report any conversions and I'm worried about wasting budget.

Any insight is much appreciated, I'm pretty new to all this.

ETA: Thank you all so much for your feedback. I ran a couple of search campaigns from August - Dec and clearly that was not long enough to support launching a PMax campaign. So far I'm seeing no conversions (form submissions) according to GAds but one of my team members is telling me we're getting a decent amount of new spam.

I'm going to pause it and maybe revisit later in the year but refocus on search for the time being.